British budget hotel chain Travelodge on Sunday announced 5 million pounds ($8 million) worth of price cuts for the rest of 2008 designed to lure its budget and mid-market competitors into a price war.
The chain, owned by Dubai International Capital, said it had cut rates in 15 of Britain's biggest cities by an average of 10 percent for the rest of the year.
"Room prices will be dropped below 2007 prices to drive volume and steal market share from both budget and mid market rivals," it said in a statement.
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Source - Reuters
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